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Economics-Theme 1

This class was created by Brainscape user Martin Feffet. Visit their profile to learn more about the creator.

By: Martin Feffet
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Decks in this class (19)

The Economic problem
What do people buy products for,
Define utility,
What is a scarce resource
10  cards
Production Possibility Frontiers
Define and describe the term ppf,
What is terms used to describe a ...,
What are possible reasons why a p...
11  cards
Division of Labour
What is the division of labour,
What is specialisation,
How does sepcialisation affect ef...
5  cards
Rational Decision Making
Economists suggest that consumers...,
What does utility mean in economics,
Rational decision making suggests...
7  cards
Demand
What are on the x and y axis on a...,
What does the law of demand state,
As price increases there is a in ...
10  cards
Price elasticity of demand
What is the price elasticity of d...,
How do we calculate ped,
When you calculate ped you always...
18  cards
Income Elasticity of Demand (YED)
Define the term income elasticity...,
How do we calculate income elasti...,
How do we calculate change in qua...
13  cards
The Price Mechanism
What is the price mechanism,
What are the 3 functions of the p...,
How does signalling work
5  cards
Different Types of economies
Name the 3 types of economies,
Describe a free market economy,
Give advantages of a free market ...
13  cards
Cross Elasticity of Demand (XED)
Define xed,
How do we calculate xed,
If xed is positive the two goods ...
7  cards
Supply
Define supply,
What is on the x and y axes of a ...,
Why is the supply curve upwards s...
8  cards
Price Elasticity of Supply
What is pes,
What are the factors that affect pes,
What does it mean when price is e...
13  cards
Indirect Tax
Define the term indirect tax,
Name define and give examples of ...,
What is one drawback of an ad val...
7  cards
Subsidies
What is a subsidy,
1size of tax2vertical shift upwar...,
Go on sketchpad and draw the effe...
5  cards
Market Failure
Define market failure,
Name and explain the different ty...,
Name and define the 2 features of...
10  cards
Government Intervention/Failure
What are the different examples o...,
What are some types of governemen...
2  cards
Consumer/Producer Surplus
Define consumer surplus,
Define producer surplus,
How does an increase and decrease...
4  cards
Functions of Money
What are the 4 functions of moeny
1  cards

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Economics-Theme 1

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